UPDATE 1-Seadrill sees results rising after strong Q3

* Q3 operating profit at $394 mln tops all forecasts

* Results to continue rising in 2009-2011

* Sets minimum quarterly dividend ambition of $0.50/share

(Adds details, quotes, shares)

OSLO, Nov 5 (Reuters) - Oslo-listed oil rig company Seadrill Limited (SDRL.OL) reported a bigger-than-expected rise in third-quarter operating profit and said results would keep rising as it continued to expand its fleet.

"The full year results for 2009 will confirm a positive trend that we expect will continue in 2010 and 2011 with the delivery of further three deepwater units, three tender rigs and three jack-ups," Seadrill said in a statement on Thursday.

The company has had gradual year-on-year growth due to a combination of a bigger fleet and higher dayrates for rigs.

Operating profit more than doubled in the three months to the end of September to $394 million, from $174 million a year ago, as more drilling rigs came into operation.

"The improvement in operating profit is a function of more deepwater units in operation following deliveries from the yards and higher average dayrates," Seadrill said.